Scorpion Offshore Evaluating Strategic Alternatives

The Board of Directors of Scorpion Offshore Ltd. has retained Simmons & Company International and Fearnley Fonds ASA as financial advisors to assist the Company in evaluating strategic alternatives to maximize shareholder value.

There can be no assurance that a transaction will be entered into or completed as a result of this process. The Company does not intend to disclose developments as a result of the ongoing process until the review of strategic alternatives is complete.

Jon C. Cole, President and CEO of Scorpion Offshore Ltd., said: "Consistent with our initial strategy, our Board of Directors and management team have and continue to focus on building shareholder value through constructing, acquiring and operating modern offshore drilling rigs. Our talented team of offshore drilling professionals continues to make significant progress in executing this strategy".

Scorpion Offshore Ltd. is a Bermuda based corporation founded in 2005 to own and operate state-of-the-art offshore drilling rigs. It has delivered its first rig on time and on budget in May 2007 and has 4 additional rigs under construction in the Texas, USA and one plus four options in Dubai, UAE.


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